« Greenspan: Home Prices Still Falling | Main | Fed to Inject $8 Billion to Lubricate Economy »
November 30, 2007
Bank of America Takes Lead in Backing 'SuperSIV' Fund
Bank of America Corp. has agreed to spearhead efforts by Citigroup Inc. and JPMorgan Chase & Co. to convince smaller rivals to help finance the "SuperSIV fund," which essentially is an $80 billion bailout of short-term debt markets. Championed by Treasury Secretary Henry Paulson, the fund's mission would be to purchase assets from structured investment vehicles (SIVs), whose $300 billion of holdings include corporate and mortgage debt in danger of default. Some analysts, though, have blasted the proposal for its potential to mire new participants in losses created by their larger competitors.
Posted by S. Germain at November 30, 2007 08:58 AM